Brent crude futures reversed earlier gains and fell almost 1% to below $87 per barrel on Friday, as prospects of still strong Russian supply offset better-than-expected Q4 US GDP numbers and hopes of continued demand recovery in top crude importer China. Oil loadings from Russia's Baltic ports are set to rise by 50% from a month earlier in January as sellers try to meet strong demand in Asia and benefit from rising global energy prices. Traders noted that Urals and KEBCO crude oil loadings from Ust-Luga over Feb. 1-10 may rise to 1.0 million tonnes from 0.9 million in the plan for the same period of January. Meanwhile, OPEC is expected to maintain current oil production levels when they meet next, keeping supply tight. For the week, the US oil benchmark is down more than 1%.
Historically, Brent crude oil reached an all time high of 147.50 in July of 2008. Brent crude oil - data, forecasts, historical chart - was last updated on January of 2023.
Brent crude oil is expected to trade at 91.15 USD/BBL by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 101.74 in 12 months time.